3 Emerging Gems

Pioneer Credit Limited (PNC)
The catch cry of long in the tooth fund managers is ‘chase the upgrades’. Few things in investing make us happier.   PNC has announced today an upgrade in their maiden prospectus year – somewhat of a rarity in this environment.  We had already forecast a ~40% increase in profit for FY15 and 30%+ for FY16, so an upgrade on top of this is ‘exceptional’.Icar Asia Limited  (ICQ)
ICQ has confirmed that it has established the #1 car portals in Malaysia, Thailand and Indonesia.  In the most recent quarterly report, cash receipts – not phantom mouse clicks or ‘unique visits’ – have increased 169% on the prior corresponding period. Casrsales.Com holds ~20% which it has purchased at prices up to $1.00 per share.
Global Construction Services Limited  (GCS)
GCS confirmed that net profit was on track to slightly exceed the 2014 FY. The net debt to equity ratio has also declined noticeably from 32% to 15% and the net asset backing is north of 80c per share.   But what has us most ‘excited’ is management’s strong outlook statement which coincides with our own view that the next 2 years will be ‘very strong’.